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Big jump from Varsity to CF.
Generally the tubes are designed with the thickness they need to be for the steel type and tube size. i would not mess w/the tubes unless you want it to fail so that you can build another bike.
You probably should have started w/another frame if you wanted light: a higher end 80's steel or something.
There are about a dozen other things your could do to lighten it up other than fucking with your frame: new wheels, fork, pedals, etc. But then again, coverting old schwinns is not a game to be played by weight weenies.
That's true, just work at replacing anything that's chrome w/aluminum. I wouldn't go out an buy a bunch of new parts, but just check parts bins and the like and replace them as you find them. I knocked about 2# off my wife's bike w/a new seat post, stem and handlebars.
If you intend to make a fixed gear bike you can find a brand new frame for about $150 from EighthInch http://www.eighthinch.com/scrambler_frame.html they have whole bikes starting at $599 there is a lot of stuff out there much lighter and cheaper in the long run than taking an old steel bike and turning it into something it isn’t.
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